Sweden’s FTN extends tender period for procurement of European equity funds

The Swedish Fund Selection Agency (FTN) has extended the tender period for the procurement of actively managed European equity funds.

In July, FTN made notice for the funds’ procurement with a deadline for fund managers to submit a tender of 14 September 2023.

However, it has now announced that the new deadline for the submission of tenders will be 5 October 2023.

Furthermore, the deadline to ask questions about the procurement has been extended to 24 September, while the deadline for publishing responses to questions has been extended to 29 September.

This is the first procurement for the premium pension fund platform and is the start of a series of procurements that will be made to offer high quality funds on the platform, which aim to create a more secure premium pension system with higher pensions for participants.

Its procurement covers actively managed European equity funds with a primary focus on large and/or mid cap, for which up to six funds will be procured.

Approximately SEK 11bn of savers’ premium pension funds were invested in this category as of 31 May 2023.

European small cap equity funds will be procured later in a separate procurement.

FTN is aiming to procure, review and quality-ensure the funds on the premium pension fund platform.

The procurement is carried out in accordance with the Act Procurement of Funds to the Premium Pension Fund Platform, with a process based on industry practice.

The act states that the procured funds must be cost-efficient, sustainable, controllable, high quality, and suitable for the premium pension system and social security system.

In connection with the notice of the procurement, the fund agreements for the affiliated funds affected by this procurement will be terminated.

However, the funds will continue to be available on the fund platform until the procurement is completed and the procured funds that have been awarded fund agreements replace the affiliated funds.

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